Britain's Thomas Cook needs to find an extra 200 million pounds ($251 milli...
) needs to find an extra 200 million pounds to satisfy its lenders or one of the world’s oldest holiday company risks collapse, potentially stranding thousands of holidaymakers across Europe.
Lenders are demanding another 200 million pounds in underwritten funds to support Thomas Cook in its winter trading period, when its cash is usually at a low ebb. Thomas Cook has struggled with competition in popular destinations, high debt levels and an unusually hot summer in 2018 which reduced last-minute bookings. The firm has 1.7 billion pounds of debt.
Under original terms of the plan, Fosun - whose Chinese parent owns all-inclusive holiday firm Club Med - would contribute 450 million pounds of new money in return for at least 75% of the tour operator business and 25% of the group’s airline. If Britain does the same for Thomas Cook’s customers, then the 160,000 Britons abroad that would need repatriation would eclipse the number brought home after Monarch’s collapse.
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